30 Indian software product companies have decided to form a new association called the Indian Software Product Industry Round Table, or “iSpirt”.

Why this separation?

Software companies involved in forming the new group have felt the need to create a new body which would be a group of Software Products companies rather than IT services companies like TCS, Infosys, and Wipro etc. which dominate NASSCOM. The objective is to bring all the software product companies (large and small) to share expertise and experiences, and create a larger awareness in society and government about the critical role the industry can play and something they believe they cannot effectively do under the larger NASSCOM umbrella. They have named the new body as Indian Software Product Industry Round Table, or iSpirt. Founding companies include Tally Solutions, QuickHeal, InMobi, Nucleus software, and industry stalwarts. The idea is to create and promote mass-solution software that can be bought off the shelf, like MS Windows or Office. The new association’s members want to offer education software for all schools rather than just IITs/IIMs.

The thirty founding members are led by Bharat Goenka, co-founder of Tally Solutions, Sharad Sharma, former head of Yahoo India R&D, startup mentor and founder of Brand Sigma,Naveen Tewari, founder of In-Mobi , and Vishnu Dusad, founder of Nucleus Software.

Why they are emphasizing on software products over software services?

Software services which are offered by IT service providers like TCS, Infosys cater to the needs of small number of people whereas the scalability of Software Product like Microsoft office, Tally is very high and many of its operations can be performed by the user itself.

Corporation Bank has rolled out two new types of savings accounts namely SB Superand SB Signature.

A customer should maintain a minimum Quarterly Average Balance (QAB) of Rs 15,000 for SB Super and Rs 1 lakh for SB Signature.

Customers having any of the two accounts will be offered preferential loan processing. Both accounts offer bundled demat and trading account including a waiver of annual maintenance charges for the first year. They also bring concessions and offers like free NEFT, SMS banking, and 25 % concession in bank charges for gold coins.